Calculate the total manufacturing cost for job x

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Reference no: EM132598954

The following information applies to the O'Donnell Company for March ­production. There are only two jobs (X and Y) in production in March.

Purchased direct materials and indirect materials with the following summary of receiving reports:

Material A$21,000

Material B 14,500

Indirect materials 5,500

Total $41,000

Issued direct materials and indirect materials with this summary of requisitions:

                                 Job X                Job Y            Total

Material A                     $9,000            $18,000     $27,000

Material B                        4,000                 9,000     13,000

Subtotal                           $13,000          $27,000      $40,000

Indirect materials                 41,500

Total $81,500

Factory labor incurred is summarized by these time tickets:

Job X $24,000

Job Y 16,000

Indirect labor 30,500

Total $70,500

Factory utilities, factory depreciation, and factory insurance incurred is summarized as follows:

Utilities $4,000

Depreciation 20,000

Insurance 3,500

Total $27,500

  1. Factory overhead costs were applied to jobs at the predetermined rate of $51.00 per machine hour. Job X incurred 1,100 machine hours; Job Y used 800 machine hours.
  2. Job X was completed; Job Y was still in process at the end of March.
  3. The company closed the overapplied or underapplied overhead to the Cost of Goods Sold account at the end of March.

Required:

Question 1. Calculate the total manufacturing cost for Job X and Job Y for March.

Question 2. Calculate the amount of overapplied or underapplied overhead and state whether the Cost of Goods Sold account will be increased or decreased by the adjustment

Reference no: EM132598954

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